User Organizations: Why Does My Customer Want Me to Get a SOC Report?

June 23, 2014

The SOC 1 report enables organizations to present a strong position to its customers regarding their control environment relevant to processes that impact the client’s controls over financial reporting. Providing this report on an annual basis can deliver an additional level of assurance to your clients.

 The lack of a report may be detrimental as SOC 1 reports become standard for third party service organizations.

Conversely, the lack of a report may be detrimental as SOC 1 reports become standard for third party service organizations. Customers may cancel contracts and potential customers may not even consider the services of a third party service organization that has not undergone a SOC 1.

Customers may be lost before there is even a chance to win them.

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